Thursday, July 18 2019 17:07
Alina Hovhannisyan

Ameriabank acts as financial intermediary in USD 175mln  securitization transaction launched by responsAbility AG

Ameriabank acts as financial intermediary in USD 175mln  securitization transaction launched by responsAbility AG

ArmInfo. Ameriabank will act as financial intermediary for Armenia in USD 175m blended finance impact  securitization  transaction launched by responsAbility AG arranged by  JP Morgan and backed by Overseas Private Investment Corporation  (OPIC).

As the press service of Ameriabank told ArmInfo, the transaction is  aimed at financing SMEs in emerging markets. It allows investors to  access a pool of assets that offers attractive market return, is less  correlated to traditional public debt and equity investments and  creates high development impact. The arranger and placement agent of  the transaction is JP Morgan, while key investors in this blended  finance vehicle include the Overseas Private Investment Corporation  (OPIC), who provided the catalytic capital necessary to mobilize the  private institutional investment in the deal.

"This securitization shows that the fast-growing microfinance and SME  finance space in emerging markets has now reached a maturity that  allows it to access financing from mainstream capital markets",  commented Thomas Muller, Co-Head Financial Institutions Debt at  responsAbility. 

"We are delighted to be part of global pool of quality microfinance  and SME finance players, participating in an innovative, global  capital markets transaction managed by responsAbility, arranged by JP  Morgan, and invested in by OPIC and other high quality investors in  pursuit of the Sustainable Development Goals", commented Gevorg  Tarumyan, CFO, Deputy General Director of Ameriabank.  To recall, in  February 2019 Ameriabank entered into EUR 16.8M long-term  subordinated loan agreements with several funds, managed by  responsAbility Investments, including the Global Climate Partnership  Fund (GCPF) as well as funds focusing on micro- and SME finance. The  new long-term facilities enable Ameriabank to strengthen its capital,  therefore making sufficient buffer to finance Armenian businesses and  green energy projects.

During the agreement signing ceremony speaking on behalf of  responsAbility, CEO Rochus Mommartz underlined: "Financial  institutions with inclusive business models play a key role in  driving development. We are pleased to partner with Ameriabank, a  successful and dynamically evolving institution which actively  contributes to funding and greening the Armenian economy." The start  of cooperation dates back to June 2016 when Ameriabank, through its  investment manager represented by responsAbility Investments AG,  successfully placed $ 20 million debt securities in four Luxembourg  investment funds, planning to channel proceeds from security  placement into lending to small and medium-sized enterprises (SME)  and financing of renewable energy and energy efficiency projects in  Armenia. 

To note, responsibility Investments AG is a leading asset manager for  impact investments in emerging economies, manages USD 3 billion of  assets through a range of investment vehicles that provide private  debt and private equity to some 540 companies with inclusive business  models across 90 countries. Founded in 2003, the company is  headquartered in Zurich, Switzerland, and has local offices in  Bangkok, Geneva, Hong Kong, Lima, Luxembourg, Mumbai, Nairobi, Oslo  and Paris. 

J.P. Morgan Chase, one of the oldest and most influential financial  conglomerates on the planet, according to Forbes magazine, is the  largest public company in the world. Headquarters of the company are  located in New York.  J.P. Morgan Chase leads in the field of  investment and commercial banking services: assets at the end of 2018  exceeded $ 2.6 trillion and this is the first place among the largest  banks in the United States. The hedge fund managed by JPMorgan Chase  is the second largest fund of such kind in the United States.

The Overseas Private Investment Corporation (OPIC) is a  self-sustaining U.S. Government agency that helps American businesses  invest in emerging markets. Established in 1971, OPIC provides  businesses with the tools to manage the risks associated with foreign  direct investment, fosters economic development in emerging market  countries. OPIC fulfills its mission by providing businesses with  financing, political risk insurance, advocacy and by partnering with  private equity investment fund managers. OPIC provides long-term  financing to US investors, companies with US investments, in which at  least 25% are owned by owners from the United States or American  financial institutions.

According to the data of FinRating of Banks of Armenia prepared by  ArmInfo IC, as of January 1, 2019, Ameriabank retains leadership in  the main balance sheet indicators: assets exceeded $ 1.6 billion,  credit investments - $ 1.1 billion. Ameriabank also holds leadership  in corporate lending-$ 920.2 .The bank is among leaders in industrial  sector lending (including the energy complex), the agricultural  sector, construction, trade, transport and communications, catering  and services. The bank also leads in lending to SMEs - $ 193.6  million. In terms of net profit, Ameriabank also dominates - $ 21.7  million. In terms of total liabilities, Ameriabank is also a leader,  in the structure of liabilities the share of funds attracted from  international financial institutions is about 30% or $ 424.5 million,  ensuring for the bank the leading position in this indicator.   Ameriabank, operating on the Armenian market since October 31, 1996,  is a universal bank providing investment, corporate and retail  banking services in the form of a comprehensive package of banking  solutions. The shareholders of the bank as of April 1, 2019 are the  Ameria Group CY Ltd. - 56.6%, EBRD - 17.8%, Asian Development Bank -  13.98%, ESPS Holding Limited - 11.62%.

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